Credit Suisse upgrades USTs platform ONYX to 2way executable streaming rates


Credit Suisse recently upgraded their single dealer platform suite of client offerings under the new umbrella name of Credit Suisse PLUS, covering: execution (including PrimeTrade, AEX, Merlin and Onyx), analytics and research tools.

This latest upgrade delivers 2way executable streaming USTs to their Onyx platform here.

Onyx Streaming is a dynamic new tool for traders looking for quick, decisive transactions. With Streaming, clients choose from a range of maturities, enter a size, and instantaneously see an executable two-sided market over Credit Suisse’s award-wining PrimeTrade platform. Continue reading

FXall IPO details indicate valuation in region of $400mln


Thanks to LeapRate, we now have a pretty good idea of the FXall IPO details (here)

As previously mentioned, FXall plans to raise $75mln, with “all proceeds going to existing shareholders” – with some of the banks expected to exit on flotation!

LeapRate provide analysis below showing that FXall is likely to come to market at a premium to other public FX platforms.

FXall IPO_valuation

Clearing Models in a SEF world


Kevin McPartland of the Tabb Group hosted a Fixed Income event last Tuesday in New York. According to our sources, the event was hugely oversubscribed – not surprising given Tabb Group & Kevin’s focus and insight on Dodd-Frank  and itss intended and unintended consequences.

According to Wall St & Technology, one of the areas of discussion was understanding how clearing will function so that execution risk is mitigated. In short, if a trade is done through a SEF, that trade is not complete until the clearer has accepted it. Which means that the counterparties (or their clearing agent/FCM) are still at risk until the acceptance has happened. Hence the focus on how that risk can be mitigated.

The proposals fall into two groups: Continue reading

Buyside FX survey confirms single dealer platforms are main beneficiary of continued etrading adoption


EuroMoneyFXNews has just released their first buyside FX survey, which indicates that buyside customers expect single dealer platforms to be the main beneficiary of continual migration of buyside towards etrading channels.

single dealer platform ranking:
1. BarCap (Barx)
2. Deutche (Autobahn)
3. UBS (FXTraderPlus)
4. Citi (Velocity)

multi dealer platform ranking:
1. FXall
2. 360T
3. Bloomberg
4. Integral

The full survey is only available to subscribers, although I hope to be able to post more details in coming days!

Stay tuned.

CitiVelocity 2.0 (Excellent UX design)


Earlier this week, in optimising single dealer platforms, I made reference to the latest version of Citi’s hugely successful  CitiVelocity 2.0 platform, which is built on Caplin’s technology.

Below is a screen shot of the platform, taken from FX-MM. It’s really elegant, with a clear compact design.

According to Anil Prasad, Citi’s Global Head of Foreign Exchange, Velocity2.0 is designed for Citi’s wholesale and institutional clients, and will be available to 100,000 Citi clients.

It looks great, and is clearly packed with business functionality, and is capable of delivering deep liquidity, with minimal latency, on a truly massive scale.

CitiVelocity 2.0 (showing FX options strategies and analytics)
A definite winner!

Changes to the FXall IPO filing, are bank shareholders selling up?


FXall the multidealer FX platform that announced their intention for an FXall IPO last December, yesterday updated their IPO filing with the SEC to reflect changes in the use of the proceeds from the IPO.

The initial filing on page 28 here, stated with regard to the use of the proceeds that:

We intend to use the net proceeds from the sale of common stock by us in this offering for working capital and other general corporate purposes, including potential acquisitions

However, that same section in the revised filing on page 29 here , states simply:

We will not receive any proceeds from the sale of shares of our common stock by the selling stockholders, including any shares sold by the selling stockholders in connection with the exercise of the underwriters’ option to purchase additional shares.

Could this mean that FXall bank shareholders, and initial equity backers are thinking of cashing in their chips?

Continue reading

Optimising performance of single-dealer platforms


Many of the posts in this blog quite rightly focus on how single dealer platforms (SDPs) solve the problem of delivering compelling business workflows to clients right across the trade life-cycle. And why a well researched and intuitive UX design, is so critical to the usability of the platform by end users.

CitiVelocity 2.0 is stylish, compact, and looks great!

However, perhaps we don’t talk here enough about how important it is to help clients optimise the performance of their trading platform over the internet for very large numbers of end users, to ensure it’s always delivering added value.

Continue reading

Tabb research validates Caplin’s position on SDPs providing SEF Aggregation


At Caplin, we have long been saying that SDPs will provide SEF aggregation services (here, here, here , here  and here).

Faced with Dodd Frank mandate for SEF execution of cleared products, bank single dealer platforms (SDPs) would provide SEF aggregation and smart order routing services that enable their buyside clients to access liquidity, whether from the bank, or from SEFs.

So, it’s nice  to see Tabb Group research now confirm our view.

Continue reading

Dodd-Frank in One Graph…..


Saw this last night – it isn’t often that you can reduce 849 pages of legislation to a one page graph but Karen Weise has a decent shot at it. The graph is here.

AFME argues EU’s Financial Transaction Tax (FTT) would increase FX costs up to 18 times


AFME the Association for Financial Markets in Europe, has released a paper (in conjunction with Oliver Wyman), that shows the proposed European Financial Transaction Tax (FTT) would increase FX transaction costs by between 9 and 18 times.

The report highlights both the primary impact of the tax – increased transaction costs, relocation of trading and reduction in nominal turnover, but also looks at the secondary impact – reduction in liquidity, leading to widening of bid/ask spreads:

  • Directly increase transaction costs by 3-7 times, and up to 18 times for most actively traded segments Continue reading
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